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What Is Cosmos (ATOM)?
This is a decentralized independent blockchains ecosystem that its maker, All In Bits Incorporated, hopes is the bedrock for the next internet technology generation. Rather than taking part in divisions between cryptocurrency fractions, Cosmos gathers all of them together, allowing currency exchanges, interoperability, and an IoB (Internet of Blockchains). ATOM is the staking coin that the network uses and also aids to tokenize transactions.
Basically, the team developed 3 concepts for this to happen: an IBC (Inter-Blockchain Communications) protocol and a Tendermint Core. They both make up the Cosmic Network.
- Tendermint Core – The Tendermint is an open-source layer, which functions as a platform for blockchain development. Anybody with an app can make use of this implementation of blockchain-in-a-box for integrating their distributed/decentralized network alongside their BFT-compatible consensus model.
- IBC (Inter-Blockchain Communications)– This is the interconnectivity layer that allows communication between every individual chain. It creates an array of interconnected hubs and zones that function independently, and also share the same system architecture. That’s the key layer for the digital asset, data, and token exchanges across chains.
Verification or proceeding hubs are integrated by Cosmos so everything can continue to run together. You can make use of a PoS (Proof of Stake) consensus in validating Tendermint transactions. This project gained attention recently, partially thanks to the VC funding worth $9,000,000 from the likes of Bain Capital and Paradigm. According to KR1, Comos is the most successful investment of the company, which raised USD360,605 from a buy of USD7,000.
The launch of the Cosmos mainnet was on the 14th of March 2019. It is seen to be a solid project, but it also has some issues. In a summer 2019 attack, a vulnerability was exposed, and that would be expensive if it isn’t corrected. At this point, the vision of the team to create a global economy that runs on crypto is one that many expert analysts share.
Let us begin to explore this excellent project by analyzing ATOM, which is the Cosmos Network’s native crypto token.
The ICO of Cosmos happened on the 6th of April 2019, and it raised $17,3000,0000 worth of BTC, ETH, and USD. They sold around 75% of the token supply available in the ICO, with 5% withheld for the seed investors, then 10% each held by Interchain Foundation and All in Bits.
You can’t mine ATOM; you can only earn it through a hybrid PoS algorithm. An increase in the stakes on ATOM will cause an increase in the chance of becoming a validator node in order to earn tokens while validating a transaction. However, you can also delegate your tokens and get a part of the rewards.
If there is a sense of dishonesty in a node, it is immediately removed from the network; then they hold its ATOM balance for 21 days while they investigate the incidents. They then destroy the stakes coins. The attack in the summer of 2019 got rid of the 21-day waiting time and gave bad actors the chance to remove the tokens before they got destroyed.
Where to get ATOM
A wide array of crypto exchange markets accept ATOM. These exchanges include Kraken, Huobi Global, Binance, OKEx, among others. The trading pairs are USDT, ETH, BTC, and fiat currencies such as KRW and EUR.
Who created the Cosmos Network?
The man responsible for the Cosmos creation was Jae Kwon in 2014, then Ethan Buchman joined him one year later. They created the SDK of the platform to reduce the entry barrier for blockchain development then created decentralized fields for each chain to communicate with one another.
Tendermint and Cosmos are interconnected blockchain networks developed to be the bedrock for the technology of tomorrow. It allows easy blockchain development and deployment with cross-chain compatibility. The success of the project is based on these important factors.
New blockchains are made with the use of Tendermint Core and Cosmos SDK, then merged via the IBC layer.
If these pieces are in place, Cosmos is a well-designed machine that’s able to easily compete in the blockchain market of today.